Mini-budget: When is it and what might be in it?

Commuters


By Ben King
Business reporter, BBC News

Image source, Getty Images

Tax cuts and measures to boost to the economy are set to be unveiled in a mini-budget on Friday.

It comes as the UK faces a cost of living crisis and the prospect of a recession.

What could be in the mini-budget?

  • letting people keep more of their earnings by cutting National Insurance (NI)
  • scrapping a planned increase in the amount of tax companies pay on their profits
  • possible cuts to other taxes, including stamp duty which is paid on house purchases
  • ending the cap on bankers’ bonuses
  • tightening the rules around universal credit
  • plans to boost economic growth, such as creating low-tax zones around the UK

The announcements will be made by new Chancellor Kwasi Kwarteng, who is in charge of the public finances.

The tax-cutting plans under consideration could cost at least £30bn.

What changes are expected to National Insurance?

Ms Truss has pledged to undo a recent increase in National Insurance (NI) – a tax workers pay on their…